The payback method explicitly does not recognize the time value of money.
The accounting rate of return is the ratio of the amount of increased book income to the required investment. Since this method uses accrual accounting income, it includes depreciation. However, it does not take into account the time value of money.
Net present value of a project is calculated by discounting the after-tax expected cash flows for the project over its life to time period zero using the company's minimum required rate of return. The present value of the future expected cash inflows minus the net initial investment equals the net present value.
The average rate of return is not a technique that recognizes the time value of money by discounting the after-tax cash flows for a project.
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